New white paper explores the impact of employee financial stress on employers
June 13, 2017
Today Questis, a digital financial wellness solution built for the enterprise market, released a white paper that explores the impact of financial stress in the workplace. The white paper was developed to bring to light the severity of the financial stress epidemic in the United States, and to help employers understand how they can improve business productivity through teaching employees how to improve their financial wellness.
“So many Americans are currently living paycheck-to-paycheck and using credit to make ends meet,” said Martha Brown Menard, PhD, User Success at Questis, and Author the white paper.
“Understanding the scope of financial stress and its hidden cost is the first step in creating a solution to this widespread problem. By offering financial wellness as part of an employee benefit package, employers can do the right thing for their people *and* reduce the significant costs associated with financial stress in the workplace.”
Titled, “Improving Employees’ Financial Wellness: Why It Matters And What Employers Can Do About It,” this white paper provides an overview of the research literature related to financial stress, how it can affect employee productivity, and real world data regarding the estimated costs to businesses when financially stressed employees are left to struggle on their own. Further, it explores the relationship between financial stress and absenteeism, presenteeism, turnover, and health-related costs, as well as the contribution of financial stress to reduced employee productivity. Employee financial stress seriously impacts business profitability. The white paper discusses these relationships in depth and explores a cost model that estimates how much financially stressed employees could be costing employers. It also provides resources to assist decision makers in selecting and implementing an authentic, effective financial wellness solution that is the best fit for them and their employees.
“We all know the financial epidemic is out of control. People are out there trying to fix the problem — and they’re failing,” said Steve Wilbourne, CEO of Questis. “We believe the first step toward progress is education. The second, addressing the real problems that contribute to financial sickness. As a society, we need to peel back the onion and get to the core of the problem. Only then, with transparency, qualitative feedback, and actual data, will we be able to make meaningful progress happen. And that, is what we’re trying to do at Questis.”
As a company working to improve the level of satisfaction people feel about their finances, Questis closely monitors the financial wellness landscape for new data, information, and trends relating to financial stress and well-being. Through our research, we hope to provide a better understanding of the scope of this massive problem and to equip employers with the necessary information to take action to reduce their employees’ financial stress.
To view and download the white paper, visit www.myquestis.com/white-paper-improving-finwell.
About Questis
Questis is the only comprehensive financial wellness platform built for the enterprise. With configurable features, scalable architecture, and secure software, fueled by advisors’ personalized coaching and guidance, Questis gives financial planners and consumers alike a clear digital roadmap to reach and surpass their financial goals. Founded by experienced financial advisory professionals, the Questis Platform harnesses the power of software to offer the configurability necessary to work within any business model. Now, anyone looking to offer financial wellness as a service to their customers can do so simply, and to their requirements, to inspire real, quantifiable change in financial health. Learn more at myquestis.com.
